Chip packaging and testing company SJ Semiconductor debuted today on the SSE Star Market, raising more than RMB5 billion (USD733 million) and becoming the largest A-share IPO so far in 2026. AllBright Law Offices and Haiwen & Partners provided legal services for the listing.
SJ Semiconductor provides wafer-level packaging and testing services for integrated circuits, supporting high-performance chips including graphics processing units, central processing units and artificial intelligence chips. On its first day of trading, the company’s share price surged by more than 400%, with its market value at one point exceeding RMB180 billion (USD29.39 billion).
AllBright advised SJ Semiconductor. The team included senior partners Wang Li and Shen Cheng, and partner Yang Jiwei. During the application stage, senior partner Yang Yijian as well as partners Yu Cheng and Wu Xuri also provided support.
CICC acted as sponsor for the listing, with CITIC Securities serving as joint lead underwriter. Haiwen advised the underwriters, with partners Qiu Chensheng and Qian Zhen leading the team.
The prospectus states that SJ Semiconductor plans to allocate RMB4.8 billion of the IPO proceeds to invest in a 3D multi-chip integrated packaging project and an ultra-high-density interconnect 3D multi-chip integrated packaging project, with planned investments of RMB4 billion and RMB800 million, respectively.
